When A Loved One Dies…

Scam artists and ID thieves are often on the alert.

Head them off by notifying credit bureaus (TransUnion, Experian & Equifax), the banks and financial institutions the person did business with, and don’t forget to notify Social Security, too.

Does Testosterone Halt – Or Roll Back – Male Aging?

Sorry, too good to be true for most men.

Studies have shown benefits in sexual performance for some older males, but not for most. And testosterone did not help with stamina or energy levels, contrary to the ads promoting the supplement.

If you are tempted nonetheless, be forewarned. There are credible reports that users are at greater risk of heart attacks and strokes.

Transferring Partial Ownership Interest to Your Children While Retaining Your Right to Live There

Last week, I discussed the dangers of transferring one’s house to children outright. However, it is possible for you to transfer partial ownership interest to your children which will result in their being the complete owners of your property after you die or give up your right to live there.

It is called a life estate. In this form of real estate ownership, you can transfer full ownership of the house to your children (or anyone else for that matter) at the event of your death while retaining the right to live in your home for the balance of your life (“life estate”).

Think of it as lifetime tenancy. In the normal rental transaction, a tenant has the right to occupy property for a specified period of time either in months or years. A life estate tenancy is for the duration of one’s life. Although your children may be designated as the full owners of the property upon your passing, they have no rights to the property while you are alive.

Transferring your real estate to your children while retaining a life estate is the best way to transfer real estate to your children while protecting your right to remain in the home.

Another option that is popular is to add a child to your deed as a co-owner and include language in the deed designating that the survivor will inherit the entire property. There is a danger to doing that that most people do not appreciate. If you transfer any portion of your immediate ownership rights in the real estate, you are transferring the right to sell that interest. As a practical matter, if you and a child for instance, have a falling out, that child can put his 50% interest on the market. That means that there would be a likely co-owner who is a stranger. The more likely scenario is that the entire home would be put on the market and sold so that the child could take his share from the proceeds. That would leave you without a home.